Member Info for Hosai

Interesting post MEM however ideally you'd want to be doing the buyback at 19p (obv Rev B can't due to not much cash) rather than raise money here and buyback later.

I'd rather if they had to raise any money they did it from debt if possible.

Thanks for the share. Probably can't hurt that one of the new NEDs to join RevB on re-listing, Rachel Maguire, was a former head of AIM for 5 years -

"She brings with her a wealth of experience, as director of marketing at the top 25 UK law firm, Wragge & Co and from the London Stock Exchange (LSE), where she was head of UK business development and head of AIM UK. At the LSE, Maguire headed account management and business development of the UK Main Market and AIM, as well as prospective companies and advisors. While Maguire was at the LSE it transformed from a mutual organization to a listed company, and rejected a number of potential mergers and takeovers, during which time AIM developed significantly."

https://www.wallstreetandtech.com/careers/rachel-maguire-ex-aim-head-joins-plus-markets/d/d-id/1260798.html

https://www.linkedin.com/in/rachel-maguire-24329110/details/experience/

Well of course he's stopped "blaming" auditors, they finally managed to do their job and audit the accounts. 404x you seem extremely sensitive to criticisms of BDO as though it would be impossible for an auditor to be slow or bad in any way?

He barely even blamed them anyway, it was literally one line in a private email after waiting on the auditors for 9 months, other companies have also complained about BDO being short staffed and taking too long.

Now you're trying to start a random narrative of Bob "consistently" apportioning blame to third parties. Any evidence for this?

Something I notice looking through product availability is how much more ELF products are available in Walmart stores.

For Rev B it seems there is availability in about 1 in 3 or 1 in 4 of the stores for most of the products (the fortnite ones couldn't see much availability might be mostly online atm).

I wouldn't expect Rev B to be in all of them as it was announced Rev B was moving into 2,500 stores and there are 4,717 in the US (10,500 in the world). It might be the case they are still in the process of launching into some of those 2,500.

ELF however seem to have availability in every Walmart store for their products. Hopefully over the coming years Rev B can expand to a similar place.

Oculus haven't they already given us the numbers? We have the prediction for FY2023 which obv has already finished so must be fairly accurate plus they gave Fy24 forecast.

Would be good to get numbers however considering they likely went overly prudent for fy23 - "These estimates in respect of FY23 are subject to audit, and there will be a number of accounting treatments to be determined with the auditors relating to the adjustments made to the FY22 results, that may alter, and potentially improve the results further."

Not sure to what extent the Fortnite products are in stores though as I couldn't see that much availability in stores for them when adjusting locations whereas Rev Bs other products and the re-love ones do have availability in stores so perhaps the fortnite is pushed more as online.

Nice to see on the Walmart page if you search for Beauty, then ignoring the 4 sponsored slots then in the 6th they've put a kind of ad slot for Fortnite/Rev B so clearly pushing it quite high up. Also the same thing on a lot of the Beauty categories where it has a slot there.

Also if you go to Beauty department then "Beauty deals" then revolution Re-love has a similar ad type slot 8 slots down.

When you consider new exclusive Finding Nemo collab coming also with Walmart it seems Walmart are quite happy with Rev B?

https://www.walmart.com/shop/deals/beauty-and-grooming?povid=GlobalNav_rWeb_Beauty_FeaturedShops_BeautyDeals_051123

Could be OSG, though I would rather not a Boo takeover as believe Rev B would do better staying listed. ELF you would think must be tempted to raise some cash, if they had backing they could dilute by 17.3% at the money and raise $1 billion cash!

PhatJ there aren't any more updates due? Full year results for FY23 don't have to be in until end of Aug. Last year they were scheduled for early Aug.

The results were a bit disappointing but don't agree they put them at 19p or £59 million MC. Market will be looking further ahead and at the potential.

As I've mentioned before it's hard to ignore the success of ELF which Rev B will be well aware of. Obv they have a much better margin atm but when you consider ELF make just over 2 times Rev B revenues but are valued at 77 times Rev Bs market cap (£4.56 billion) it's hard to ignore.

I hope Rev B consider raising their prices a bit or pushing Revolution Pro a bit more. It seems Warpaint and ELF have been able to keep prices higher without it hitting growth. Warpaint products are priced higher than Revolution Man for example.

Good spot Andrew, actually seems quite material news as it's basically another new large retailer seemingly, potentially almost on par with Walgreens/Walmart in terms of number of stores but obv depends how many of those 3,900 European branches they might be going into.

Also says for this collab that it will be in DM Deutshland stores from 10th August (Walmart from June 14th) so must be exclusive to Walmart only in US.

DM have 3,900 branches in Europe (2,100 in Germany). From what I can see the only Rev B product they currently sell is Revolution Man and a few BH Cosmetics products (BH is owned by Rev B now) so could be another large chain Rev B is slowly expanding into.

Following the Fortnite collab Rev B are now doing a Finding Nemo collab, again to be exclusive with Walmart.

https://www.instagram.com/p/CtFIBgBxXQy/?hl=en

Oke don't think is right, they don't say anywhere in the interims that they need full 2023 accounts out just states this - "Following the publication of these results and the changes the Board have implemented to the Groups governance procedures, the Board are continuing to work with the Company's nominated adviser, Zeus Capital, to enable restoration of trading in the Company's shares in the near term. The remaining work to be completed includes a review of working capital and finalisation of internal policy documentation."

The bit about the "glossy accounts" it says before it they just need to have a detailed plan and timetable for when they will do it, not to have actually done it to relist.

Also I wouldn't say they have no cash - they state they have £14 million cash and £32 million debt. Also says the banks are still supporting them and agreed new covenants recently obv. Maybe they still could be some kind of raise but I don't see the need for a big one? Or why Holt couldn't just raise a little more debt, they previously had £85 million odd net debt when a private company a couple of years back.

In terms of the US I agree, it's their biggest market and that was before they launched into 2,500 Walmart stores which was announced after share had been suspended. I do agree there could still be good synergies or deals with Boohoo even with no takeover but as you know I don't personally see an actual TO atm.

Thanks appreciate that Chris.

Not sure if this was already known as I didn't see it in the interims but the two new NEDs are mentioned in this article - "Rachel Maguire, a former UK head at Aim, and Matthew Eatough, an entrepreneur, will be appointed as non-executive directors subject to the shares being readmitted to trading."

https://www.thetimes.co.uk/article/revolution-edges-closer-to-rejoining-the-market-3wmdb60kw

Oke I don't think investigations are indeed ongoing for Medichem, at-least there is no mention or it in results or interims - it just says this in results - "On 19 December 2022 the Company commissioned a further independent valuation. This has resulted in a new valuation which is materially lower than the original valuation.

As announced on 7 March 2023, the Board are in negotiations with the previous owner of Medichem to reach a revised agreement on the amount of consideration due and the payment terms for any further consideration payable."

I'm not sure there is enough wrongdoing to be having to sell their shares. It sounds like the chair isn't under investigation? In terms of the main financial issue it was around £9 million out of £185 million genuine revenues. Therefore we are not talking about wirecard or NMC Health here.

Also other buyers would be wanting to buy shares too seeing the same upside we are seeing. What if THG were to offer to buy someones shares for higher than Boohoo? It's not like authorities are going to step in and say "you should have sold to this specific buyer".

Oke this is also assuming the former chairman is in the same situation as Adam Minto. Adam Minto stepped down in early November however the former chair was still chair up until only a few weeks ago. I think there is an implication that he was not as "guilty" as Minto. Obv the Medichem thing is an issue but as is still in negotiation now, therefore I don't foresee his part as being potentially "serious fraud" nor is he living in Turkey. Can't see him selling his shares to Boohoo down at these levels.

I have taken a Boohoo position as they will benefit from Rev B, it was a great few buys but can't see the takeover.

Sorry is 3.4% dilution rather than 4.5% - "On the lifting of suspension of the

Company shares on the AIM market,

an award of nil cost share options will

be made to the Executive Directors

and senior management. For Bob Holt

the bonus equates to 300% of basic

pay, which translates to 5,684,210

nil cost options at the suspended

share price of 19p. Elizabeth Lake will

receive half this amount, 2,842,210

and senior management will receive

2,474,685 nil cost options. All awards

have a one year lock in period. This

represents a 3.4% dilution."

#Even if BooHoo got the owners shares that gets them to 58%

Oke where did you get that serious fraud office excerpt from? It wasn't in Rev Bs accounts or interim statement, they surely would have highlighted the potential liability of penalties from SFO if a genuine concern. The £9 million mis-stated revenue was obviously wrong however considering Rev Bs genuine revenue is around £185 million odd I suppose it's a question of whether it's material enough to be "serious fraud". Obviously we can't 100% know yet if it was incompetence, that's what they would argue I imagine.

Even if Rev B got the owners shares that gets them to 58%. They still would need to buy 17% of the shares to get to 75% and I don't personally see there being many willing sellers down at these levels. Previously Boohoo were helped to buy easily as Jupiter was mass offloading all their shares but Jupiter are fully out now.

Also in the FY22 accounts there is to be a 4.5% dilution as new management incentive shares. I'm not sure at what point these may go to the new management or if just options but these may also make it harder for Boohoo to buy enough to force a TO. Again is also assuming the managers want to sell at the levels down here to Boohoo.